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Sojitz metals segment swings to profit in FY'15 on coal assets revaluation

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Sojitz metals segment swings to profit in FY'15 on coal assets revaluation

SojitzCorp.'s metals and coal unit swung to black in fiscal 2015, endedMarch 31, 2016, with a profit attributable to shareholders of ¥4.66 billion,compared to a loss of ¥2.74 billion a year ago.

The unit recorded gains on revaluation of coal businessassets due to change in holding purpose, which was partially offset bycommodity price drops and impairment losses on coal and iron ore interests, thecompany said May 9.

Net sales for the metals and coal unit fell 15.6% year overyear to ¥494.62 billion decline in ferroalloy and coal transactions.

In fiscal 2016, the company expects the metals and coalunit's profit attributable to shareholders to fall to ¥3.0 billion due to lowermetal resource prices.

On a consolidated basis, Sojitz's profit attributable toshareholders in fiscal 2015 increased 10.4% year over year to ¥36.53 billion,or ¥29.20 per share.

Total dividend for the year amounted to ¥8 per share, upfrom ¥6 per share for the year-ago period.

Net sales dropped 2.4% on a yearly basis to ¥4.007 trilliondue to a decline in metals and coal division sales on the back of lowerferroalloy and coal transactions, which offset the increase in sales in theaerospace and IT business division.

The company's operating profit dropped 12.8% year over yearto ¥29.24 billion due to lower gross profit and impairment losses on oil andgas, coal, and iron ore interests.

In fiscal 2016, Sojitz expects its profit attributable toshareholders to increase 9.5% to ¥40.0 billion, or ¥31.97 per basic share. Netsales are expected to improve 8.1% to ¥4.330 trillion, operating profit isanticipated to jump 50.5% to ¥44.0 billion, and profit before tax is expectedto be up 19.7% to ¥53.0 billion.

The company said it will also maintain its dividend at ¥8per share.